Gemini Files for Nasdaq IPO as Crypto Firms Enter Traditional Markets

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking a Nasdaq listing under the ticker GEMI. The move signals a growing trend of crypto firms transitioning into traditional financial markets. Goldman Sachs and Citigroup are handling the IPO, which will be used primarily to repay third-party debt and strengthen financial stability [1].

Despite its regulatory ambitions, Gemini has experienced a sharp decline in financial performance in recent months. For the first half of 2025, the exchange reported $67.9 million in revenue, down from $73.5 million in the same period in 2024, while its net loss widened to $282.5 million compared to $41.4 million in the prior year [4]. The loss is attributed to declining trading fees and losses from crypto staking services. As of June 30, 2025, Gemini reported $12 billion in assets under custody and 14.6 million verified users [6].

The timing of the IPO filing coincides with a broader industry shift. Recent high-profile crypto listings, such as Circle and Bullish, have demonstrated strong market reactions. In June 2025, Circle Internet Financial raised $1.2 billion and saw its shares jump 168% on the first day of trading. Bullish, another exchange, also experienced an 84% rise in share price after raising $1.1 billion [9]. These developments highlight the growing institutional acceptance of crypto assets and the regulatory clarity being offered by the Trump administration [2].

Gemini has faced regulatory challenges in the past. In 2023, the SEC alleged the company sold unregistered securities through its Gemini Earn lending program, though the charges were dropped in 2025. Earlier in 2025, Gemini reached a $5 million settlement with the Commodity Futures Trading Commission (CFTC) over misleading regulators during its attempt to launch the first U.S.-regulated Bitcoin futures contract [10].

Gemini remains a key player in the crypto space, offering custody solutions, over-the-counter trading, stablecoins, and a crypto-reward credit card. The company also holds a $75 million stake in the Ripple credit deal [3]. Its IPO filing reflects the broader shift in the crypto market, where digital assets are increasingly integrated with traditional financial systems. Gemini’s emphasis on compliance, security, and institutional partnerships positions it as a potential leader in the evolving landscape. The company is now poised to test investor confidence in a sector still grappling with volatility and regulatory uncertainty.

Sources:

[1] Gemini makes IPO filing public, plans Nasdaq listing under GEMI (https://cryptobriefing.com/gemini-us-ipo-filing-public/)

[2] Winklevoss' Gemini Files for IPO as Crypto Listings Accelerate (https://www.bloomberg.com/news/articles/2025-08-15/winklevoss-gemini-files-for-ipo-as-crypto-listings-accelerate)

[3] Winklevoss twins' Gemini reveals lower revenue and wider loss (https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/)

[4] Gemini IPO filing: exchange targets Nasdaq as GEMI (https://www.theblock.co/post/367160/gemini-ipo-filing-exchange-targets-nasdaq-as-gemi-reveals-dip-in-revenue)

[6] Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom (https://decrypt.co/335554/gemini-plans-go-public-nasdaq-crypto-ipos-boom)

[10] Legal Issue with U.S Regulators (from provided news content)